Weak start for New York fall auctions
Nov 4, 2009, 17:23 GMT
New York - New York's fall auctions were off to a tepid start at Christie's auction house on Tuesday with a number of lots selling below expectations or remaining unsold.
A 1934 Picasso, Tete de Femme, remained unsold at Christie's sale of Impressionist and modern art, as did 11 other of the only 40 lots on offer.
A painting of Picasso's lover, Dora Maar, estimated at 7 to 10 million dollars, sold at 6.4 million dollars, remaining clearly below expectations. The evening totalled 65.7 million dollars, also below the predicted minimum sales of 68.7 million dollars.
The highlight of the auction was a pastel by Paul Degas, Danseuses, which sold for 10.7 million dollars. Le Baiser, a sculpture by August Rodin sold for 6.4 million dollars, three times its estimate, and an anonymous bidder bought an abstract canvas by Wassily Kandinsky for 2.6 million dollars.
Art collectors remain cautious in view of the economic crisis and appear to be willing to shell out big money only for truly first-rate works, observers said.
Auctions are to continue at Sotheby's on Wednesday.